Market may gain amid volatility

The Market may log gains due to optimism amongst the investors and positive global cues. However, the market may remain volatile ahead of expiry of December derivative contracts. Among the indices, the Nifty could test higher levels around the 6,000, while on the downside it has a key support around 5,600. The Sensex has a likely support at 18,600 and may face resistance at 19,830.

US Indices posted gains on Friday with the Dow Jones to close at 13,45, up 205 points. Tech heavy weight Nasdaq closed at 2,692, 51 points up.

Most of the Indian ADRs posted gains on the US bourses. VSNL led the pack with the gains of 6.70%, while Patni computer and HDFC Bank gained aover 5-6% each. Satyam, Wipro, Dr Reddy's, Tata Motors, ICICI Bank and Rediff which gained around 1-3% each.

Crude oil prices moved up , with the Nymex Light Crude oil for February delivery gaining $2.25 to close at $93.31 a barrel. In the Commodity space, the Comex gold for February delivery jumped by $12.20 to settle at $815.40 an troy ounce.